What changed in this filing

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Item 1. Financial Statements

2026-08-05 compared with 2026-05-06 · 290 added, 129 removed, 915 unchanged (31% of the section changed)

3 unchanged sentences

Condensed Consolidated Balance Sheets

(In millions, except for per share amounts)

March 31, 2026 December 31, 2025

(In millions, except for per share amounts) June 30, 2026 December 31, 2025

Current assets:

50 unchanged sentences

Condensed Consolidated Statements of Operations

Ended March 31,

Ended June 30, Six Months

Ended June 30,

(In millions, except for per share amounts) 2026 2025 2026 2025

10 unchanged sentences

Provision for income taxes

20.5 27.2 31.5 42.8

Income from continuing operations 47.4 47.6 82.2 101.5

Loss from discontinued operations, net of tax ( 0.1 ) ( 0.2 ) ( 0.1 ) ( 0.2 )

Net income 47.3 47.4 82.1 101.3

3 unchanged sentences

Continuing operations 44.5 43.9 76.6 95.5

Discontinued operations ( 0.1 ) ( 0.2 ) ( 0.1 ) ( 0.2 )

Net income attributable to Brink’s $ 44.4 43.7 $ 76.5 95.3

13 unchanged sentences

Condensed Consolidated Statements of Comprehensive Income (Loss)

Ended March 31,

Ended June 30, Six Months

Ended June 30,

(In millions) 2026 2025 2026 2025

2 unchanged sentences

Net benefit plan actuarial adjustment

4.2 ( 0.6 ) 9.2 ( 0.6 )

Net benefit plan prior service adjustment

3 unchanged sentences

Net foreign currency translation adjustment

4.6 87.5 4.2 125.7

Net change on available-for-sale securities

0.2 2.3 0.8 2.9

Net change on cash flow hedges

( 0.5 ) ( 2.4 ) ( 0.9 ) ( 5.0 )

Other comprehensive income (loss) before tax 3.4 34.0

Other comprehensive income before tax 7.1 84.6 10.5 118.6

Provision (benefit) for income taxes 0.6 ( 8.6 ) 3.6 ( 13.1 )

Other comprehensive income (loss) 0.4 38.5

Other comprehensive income 6.5 93.2 6.9 131.7

Comprehensive income

53.8 140.6 89.0 233.0

Less comprehensive income attributable to noncontrolling interests

2.8 7.6 4.5 10.6

Comprehensive income attributable to Brink's

$ 51.0 133.0 $ 84.5 222.4

See accompanying notes to condensed consolidated financial statements.

2 unchanged sentences

Condensed Consolidated Statements of Equity

Three Months ended March 31, 2026

Six Months ended June 30, 2026

(In millions) Shares Common

19 unchanged sentences

41.2 $ 41.2 619.4 265.6 ( 664.2 ) 131.1 393.1

Three Months ended March 31, 2025

Net income — — — 44.4 — 2.9 47.3

Other comprehensive income (loss) — — — — 6.6 ( 0.1 ) 6.5

Dividends to:

Brink’s common shareholders ($ 0.2550 per share)

— — — ( 10.5 ) — — ( 10.5 )

Noncontrolling interests — — — — — ( 2.0 ) ( 2.0 )

Share-based compensation:

Stock awards and options:

Compensation expense — — 7.9 — — — 7.9

Other share-based benefit transactions — — 0.2 ( 0.1 ) — — 0.1

Balance as of June 30, 2026

41.2 $ 41.2 627.5 299.4 ( 657.6 ) 131.9 442.4

Six Months ended June 30, 2025

(In millions) Shares Common

20 unchanged sentences

42.7 $ 42.7 639.3 290.3 ( 766.5 ) 123.2 329.0

Net income — — — 43.7 — 3.7 47.4

Other comprehensive income — — — — 89.3 3.9 93.2

Shares repurchased (a)

( 1.0 ) ( 1.0 ) ( 11.6 ) ( 69.1 ) — — ( 81.7 )

Dividends to:

Brink’s common shareholders ($ 0.2550 per share)

— — — ( 10.7 ) — — ( 10.7 )

Noncontrolling interests — — — — — ( 0.3 ) ( 0.3 )

Share-based compensation:

Stock awards and options:

Compensation expense — — 8.1 — — — 8.1

Other share-based benefit transactions 0.1 0.1 — — — — 0.1

Balance as of June 30, 2025

41.8 $ 41.8 635.8 254.2 ( 677.2 ) 130.5 385.1

(a) Amounts do not agree to cash paid to repurchase shares in the condensed consolidated statements of cash flows or Note 11.

6 unchanged sentences

Condensed Consolidated Statements of Cash Flows

Ended March 31,

Ended June 30,

(In millions)

1 unchanged sentence

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Loss from discontinued operations, net of tax

Depreciation and amortization

5 unchanged sentences

Other than pension

Unrealized foreign currency losses

Unrealized foreign currency (gains) losses

Other operating

1 unchanged sentence

Increase in accounts receivable and income taxes receivable

Increase (decrease) in accounts payable, income taxes payable and accrued liabilities

Decrease in accounts payable, income taxes payable and accrued liabilities

Increase (decrease) in restricted cash held for customers ( 66.3 ) 31.3

1 unchanged sentence

Increase in prepaid and other current assets

Net cash provided by (used in) operating activities

Net cash provided by operating activities

Cash flows from investing activities:

16 unchanged sentences

Acquisition of noncontrolling interest — ( 6.6 )

Cash paid for acquisition related settlements and obligations ( 1.1 ) —

Debt financing costs

8 unchanged sentences

Cash, cash equivalents and restricted cash:

(Decrease) increase

Balance at beginning of period

48 unchanged sentences

We operate in Argentina through wholly owned subsidiaries and a smaller controlled subsidiary (together, "Brink's Argentina").

Revenues from Brink's Argentina represented approximately 3 % of our consolidated revenues for the first three months of 2026 and 4 % of our consolidated revenues for the first three months of 2025.

Revenues from Brink's Argentina represented approximately 3 % of our consolidated revenues for the first six months of 2026 and 4 % of our consolidated revenues for the first six months of 2025.

The operating environment in Argentina has presented business challenges in recent years driven by significant inflation and devaluation of the Argentine peso, despite modest appreciation of the currency during the first quarter of 2026.

In the first three months of 2026 and 2025, the Argentine peso appreciated approximately 5 % (from 1,451.6 to 1,382.0 pesos to the U.S.

dollar) and declined 4 % (from 1,031.0 to 1,073.1 pesos to the U.S.

In the first six months of 2026 and 2025, the Argentine peso declined approximately 2 % (from 1,451.6 to 1,483.0 pesos to the U.S.

dollar) and 14 % (from 1,031.0 to 1,203.6 pesos to the U.S.

dollar), respectively.

3 unchanged sentences

Argentine peso-denominated monetary assets and liabilities are remeasured at each balance sheet date using the currency exchange rate then in effect, with currency remeasurement gains and losses recognized in earnings.

In the first three months of 2026, we recognized a $ 1.4 million pretax remeasurement gain.

In the first three months of 2025, we recognized a $ 4.8 million pretax remeasurement loss.

In the first six months of 2026, we recognized a $ 0.8 million pretax remeasurement loss.

In the first six months of 2025, we recognized a $ 14.1 million pretax remeasurement loss.

Argentine peso-denominated nonmonetary assets and liabilities are recorded at historical cost based on the currency exchange rate at the time the asset or liability was acquired.

At March 31, 2026, Argentina's economy remained highly inflationary for accounting purposes.

At March 31, 2026, we had net monetary assets denominated in Argentine pesos of $ 33.0 million (including cash of $ 31.3 million).

At March 31, 2026, we had net nonmonetary assets of $ 135.3 million (including $ 102.5 million of goodwill and $ 3.7 million in debt securities denominated in Argentine pesos).

At June 30, 2026, Argentina's economy remained highly inflationary for accounting purposes.

At June 30, 2026, we had net monetary assets denominated in Argentine pesos of $ 30.7 million (including cash of $ 28.9 million).

At June 30, 2026, we had net nonmonetary assets of $ 133.5 million (including $ 102.5 million of goodwill and $ 3.9 million in debt securities denominated in Argentine pesos).

At December 31, 2025, we had net monetary assets denominated in Argentine pesos of $ 23.4 million (including cash of $ 24.9 million) and net nonmonetary assets of $ 140.7 million (including $ 102.5 million of goodwill and $ 7.7 million in debt securities denominated in Argentine pesos).

1 unchanged sentence

We review goodwill for impairment annually, as of October 1, and whenever events or circumstances in interim periods indicate that it is more-likely-than-not that an impairment may have occurred.

Impairment indicators were reviewed as of March 31, 2026 and we concluded that there were no indicators that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount.

Impairment indicators were reviewed as of June 30, 2026 and we concluded that there were no indicators that would more-likely-than-not reduce the fair value of a reporting unit below its carrying amount.

We will continue to monitor results in future periods to determine whether any indicators of impairment exist that would cause us to perform an impairment review.

4 unchanged sentences

The purchase price consideration at closing will be based primarily on the outstanding shares of NCR Atleos common stock and the market price of Brink’s common stock at the time of closing.

As of March 31, 2026, we have incurred $ 19.4 million of transaction costs, including fees to attorneys, accountants and other professional advisors, related to the future acquisition of NCR Atleos.

As of June 30, 2026, we have incurred $ 29.2 million of transaction costs, including fees to attorneys, accountants and other professional advisors, related to the future acquisition of NCR Atleos.

New Accounting Standards

40 unchanged sentences

Revenue Disaggregated by Reportable Segment and Type of Service

(In millions)

Cash and Valuables Management DRS and AMS Total

Three months ended March 31, 2026

(In millions) Cash and Valuables Management DRS and AMS Total

Three months ended June 30, 2026

Reportable Segments:

4 unchanged sentences

Total reportable segments $ 972.2 420.1 1,392.3

Three months ended March 31, 2025

Three months ended June 30, 2025

Reportable Segments:

4 unchanged sentences

Total reportable segments $ 940.2 360.3 1,300.5

Six months ended June 30, 2026

Reportable Segments:

North America $ 604.8 279.3 884.1

Latin America 537.5 157.9 695.4

Europe 408.8 334.1 742.9

Rest of World 403.7 41.3 445.0

Total reportable segments $ 1,954.8 812.6 2,767.4

Six months ended June 30, 2025

Reportable Segments:

North America $ 602.2 249.7 851.9

Latin America 509.7 117.3 627.0

Europe 390.8 286.2 677.0

Rest of World 361.5 29.8 391.3

Total reportable segments $ 1,864.2 683.0 2,547.2

Certain of our services involve the leasing of assets, such as safes, to our customers along with the regular servicing of those safe devices.

11 unchanged sentences

The upfront payment amounts are reported as contract assets and are amortized as a reduction to revenues over the duration of the contracts.

Contract assets expected to be billed or amortized within one year ($ 11.7 million at March 31, 2026) are included in prepaid expenses and other on the condensed consolidated balance sheet.

Amounts not expected to be billed or amortized within one year ($ 16.6 million at March 31, 2026) are reported in other assets on the condensed consolidated balance sheet.

Contract assets expected to be billed or amortized within one year ($ 10.7 million at June 30, 2026) are included in prepaid expenses and other on the condensed consolidated balance sheet.

Amounts not expected to be billed or amortized within one year ($ 15.8 million at June 30, 2026) are reported in other assets on the condensed consolidated balance sheet.

Contract Liabilities

2 unchanged sentences

The opening and closing balances of receivables, contract assets and contract liabilities related to contracts with customers are as follows:

(In millions)

Receivables Contract Assets Contract Liabilities

(In millions) Receivables Contract Assets Contract Liabilities

Opening (January 1, 2026) $ 766.0 27.6 15.0

Closing (March 31, 2026) 833.3 28.3 18.3

Closing (June 30, 2026) 865.7 26.5 14.0

Increase (decrease)

$ 99.7 ( 1.1 ) ( 1.0 )

The amount of revenue recognized in the three months ended March 31, 2026 that was included in the January 1, 2026 contract liabilities balance was $ 5.6 million.

The amount of revenue recognized in the six months ended June 30, 2026 that was included in the January 1, 2026 contract liabilities balance was $ 11.6 million.

This revenue consists of services provided to customers who had prepaid for those services prior to the current year.

Revenue recognized in the three months ended March 31, 2026 from performance obligations satisfied in the prior year was not significant.

Revenue recognized in the six months ended June 30, 2026 from performance obligations satisfied in the prior year was not significant.

This revenue is a result of changes in the transaction price of our contracts with customers.

1 unchanged sentence

Sales commissions directly related to obtaining new contracts with customers are capitalized when incurred and are then amortized to expense ratably over the term of the contracts.

At March 31, 2026, the net capitalized costs to obtain contracts was included in other assets on the condensed consolidated balance sheet.

The capitalized amounts at March 31, 2026 and December 31, 2025 were $ 15.0 million and $ 14.3 million, respectively.

At June 30, 2026, the net capitalized costs to obtain contracts was included in other assets on the condensed consolidated balance sheet.

The capitalized amounts at June 30, 2026 and December 31, 2025 were $ 15.1 million and $ 14.3 million, respectively.

Practical Expedients

28 unchanged sentences

We have recast all prior periods presented to provide consistent comparability.

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

(In millions)

9 unchanged sentences

Segment operating profit

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

(In millions)

9 unchanged sentences

Segment operating profit

Six Months Ended June 30, 2026

(In millions)

North America

Latin America

Rest of World Total

$ 884.1 695.4 742.9 445.0 2,767.4

Cost of revenues:

Labor and fringe benefit costs (a)

Other cost of revenues segment items (b)

Total cost of revenues (a)

Selling, general, and administrative (a)

Segment operating profit

Six Months Ended June 30, 2025

(In millions)

North America

Latin America

Rest of World Total

$ 851.9 627.0 677.0 391.3 2,547.2

Cost of revenues:

Labor and fringe benefit costs (a)

Other cost of revenues segment items (b)

Total cost of revenues (a)

Selling, general, and administrative (a)

Segment operating profit

(a) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

1 unchanged sentence

(b) Other cost of revenues segment items for each reportable segment include primarily vehicle expenses, freight, equipment costs, building expense, and office and administrative expenses.

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

(In millions)

7 unchanged sentences

Reorganization and restructuring

— ( 0.2 ) — ( 0.7 )

Acquisitions and dispositions

Argentina highly inflationary impact

( 3.3 ) 1.9 ( 2.8 ) ( 4.4 )

NCR Atleos acquisition and transformation initiatives ( 36.4 ) ( 5.4 )

( 75.3 ) ( 10.5 )

Non-routine legal matters

( 0.1 ) — ( 2.9 ) —

DOJ/FinCEN investigations ( 0.9 ) ( 0.9 ) ( 2.1 ) ( 1.8 )

18 unchanged sentences

These costs relate to discrete initiatives.

Non-routine legal matters In the first quarter of 2026, we recognized $ 2.8 million of probable losses in connection with non-routine legal matters.

Non-routine legal matters In the first six months of 2026, we recognized $ 2.9 million of probable losses and related legal costs in connection with non-routine legal matters.

These costs relate to fact-specific matters that management does not believe are indicative of the Company's underlying operational performance for the period.

8 unchanged sentences

See Note 13 for details.

Three Months Ended March 31,

Six Months Ended June 30,

(In millions) 2026 2025

7 unchanged sentences

Total $ 74.9 110.7

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(In millions) 2026 2025 2026 2025

8 unchanged sentences

Argentina highly inflationary impact

0.9 ( 12.6 ) 1.9 ( 10.5 )

Depreciation and amortization of property and equipment 64.7 45.0 129.5 101.3

Amortization of intangible assets (a)

14.4 14.8 29.3 29.2

Total $ 79.1 59.8 $ 158.8 130.5

(a) Amortization of acquisition-related intangible assets has been excluded from reportable segment amounts.

(In millions)

March 31, 2026 December 31, 2025

(In millions) June 30, 2026 December 31, 2025

Assets held by Reportable Segment

20 unchanged sentences

(In millions) 2026 2025 2026 2025 2026 2025

Three months ended March 31,

Three months ended June 30,

Service cost $ — — 2.3 2.1 2.3 2.1

2 unchanged sentences

Amortization of losses 2.6 1.4 0.9 0.7 3.5 2.1

Settlement loss — — — 0.4 — 0.4

Net periodic pension cost (credit)

$ 0.7 ( 2.0 ) 5.5 4.8 6.2 2.8

Six months ended June 30,

Service cost $ — — 4.7 4.1 4.7 4.1

Interest cost on projected benefit obligation 14.9 15.7 10.2 8.7 25.1 24.4

Return on assets – expected ( 18.8 ) ( 22.3 ) ( 5.9 ) ( 5.6 ) ( 24.7 ) ( 27.9 )

Amortization of losses 5.0 2.7 1.9 1.3 6.9 4.0

Amortization of prior service cost — — — 0.1 — 0.1

4 unchanged sentences

We did not make cash contributions to the primary U.S.

pension plan in 2025 or the first three months of 2026.

pension plan in 2025 or the first six months of 2026.

Based on current assumptions described in our Annual Report on Form 10-K for the year ended December 31, 2025, we do not expect to make contributions to the primary U.S.

7 unchanged sentences

(In millions) 2026 2025 2026 2025 2026 2025

Three months ended March 31,

Three months ended June 30,

Service cost $ — — — 0.1 — 0.1

6 unchanged sentences

$ ( 1.6 ) ( 1.9 ) 1.8 2.0 0.2 0.1

Six months ended June 30,

Service cost $ — — 0.1 0.1 0.1 0.1

Interest cost on accumulated postretirement benefit obligations 4.5 4.8 2.0 2.2 6.5 7.0

Return on assets – expected ( 4.9 ) ( 4.9 ) — — ( 4.9 ) ( 4.9 )

Amortization of losses 0.7 0.9 1.4 1.7 2.1 2.6

Amortization of prior service cost (credit)

( 2.8 ) ( 5.1 ) 0.1 — ( 2.7 ) ( 5.1 )

Net periodic postretirement cost (credit)

$ ( 2.5 ) ( 4.3 ) 3.6 4.0 1.1 ( 0.3 )

The components of net periodic postretirement cost (credit) other than the service cost component are included in interest and other nonoperating income (expense) in the condensed consolidated statements of operations.

Note 5 - Income taxes

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(In millions, except for effective tax rate)

2026 2025 2026 2025

Continuing operations

Provision for income taxes

$ 20.5 27.2 $ 31.5 42.8

Effective tax rate 30.2 % 36.4 % 27.7 % 29.7 %

1 unchanged sentence

Statutory Rate

The effective income tax rate on continuing operations in the first three months of 2026 was greater than the 21% U.S.

The effective income tax rate on continuing operations in the first six months of 2026 was greater than the 21% U.S.

statutory rate due to the geographical mix of earnings, the seasonality of book losses for which no tax benefit can be recorded, nondeductible expenses in Mexico, taxes on cross border payments and U.S.

2 unchanged sentences

Statutory Rate

The effective income tax rate on continuing operations in the first three months of 2025 was greater than the 21% U.S.

The effective income tax rate on continuing operations in the first six months of 2025 was greater than the 21% U.S.

10 unchanged sentences

Income (Loss)

Three months ended March 31, 2026

Three months ended June 30, 2026

Amounts attributable to Brink's:

18 unchanged sentences

$ 6.4 ( 0.3 ) 0.7 ( 0.3 ) 6.5

Three months ended March 31, 2025

Three months ended June 30, 2025

Amounts attributable to Brink's:

18 unchanged sentences

$ 82.2 8.2 2.4 0.4 93.2

Amounts Arising During

the Current Period Amounts Reclassified to

Net Income (Loss)

(In millions) Pretax Income

Tax Pretax Income

Tax Total Other

Comprehensive

Income (Loss)

Six months ended June 30, 2026

Amounts attributable to Brink's:

Benefit plan adjustments $ 0.2 ( 1.0 ) 6.2 ( 1.5 ) 3.9

Foreign currency translation adjustments (b)

8.1 ( 2.2 ) ( 2.8 ) 0.7 3.8

Gains (losses) on available-for-sale securities

( 0.8 ) 0.2 1.6 — 1.0

Gains (losses) on cash flow hedges 1.2 ( 0.3 ) ( 2.1 ) 0.5 ( 0.7 )

8.7 ( 3.3 ) 2.9 ( 0.3 ) 8.0

Amounts attributable to noncontrolling interests:

Foreign currency translation adjustments ( 1.1 ) — — — ( 1.1 )

( 1.1 ) — — — ( 1.1 )

Benefit plan adjustments (a)

0.2 ( 1.0 ) 6.2 ( 1.5 ) 3.9

Foreign currency translation adjustments (b)

7.0 ( 2.2 ) ( 2.8 ) 0.7 2.7

Gains (losses) on available-for-sale securities (c)

( 0.8 ) 0.2 1.6 — 1.0

Gains (losses) on cash flow hedges (d)

1.2 ( 0.3 ) ( 2.1 ) 0.5 ( 0.7 )

$ 7.6 ( 3.3 ) 2.9 ( 0.3 ) 6.9

Six months ended June 30, 2025

Amounts attributable to Brink's:

Benefit plan adjustments $ ( 7.8 ) 2.2 2.8 ( 0.7 ) ( 3.5 )

Foreign currency translation adjustments (b)

123.5 10.9 ( 2.4 ) 0.6 132.6

Gains (losses) on available-for-sale securities

( 1.4 ) ( 1.3 ) 4.3 0.2 1.8

Gains (losses) on cash flow hedges ( 0.4 ) 0.1 ( 4.6 ) 1.1 ( 3.8 )

113.9 11.9 0.1 1.2 127.1

Amounts attributable to noncontrolling interests:

Foreign currency translation adjustments 4.6 — — — 4.6

4.6 — — — 4.6

Benefit plan adjustments (a)

( 7.8 ) 2.2 2.8 ( 0.7 ) ( 3.5 )

Foreign currency translation adjustments (b)

128.1 10.9 ( 2.4 ) 0.6 137.2

Gains (losses) on available-for-sale securities (c)

( 1.4 ) ( 1.3 ) 4.3 0.2 1.8

Gains (losses) on cash flow hedges (d)

( 0.4 ) 0.1 ( 4.6 ) 1.1 ( 3.8 )

$ 118.5 11.9 0.1 1.2 131.7

(a) The amortization of actuarial losses and prior service cost is part of total net periodic retirement benefit cost when reclassified to net income.

1 unchanged sentence

Total service cost is allocated between cost of revenues and selling, general and administrative expenses on a plan-by-plan basis and the remaining net periodic retirement benefit cost items are allocated to interest and other nonoperating expense:

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

(In millions) 2026 2025 2026 2025

3 unchanged sentences

Interest and other nonoperating expense 4.1 0.7 8.3 0.8

(b) 2026 foreign currency translation adjustment amounts arising during the three months ended March 31, 2026 reflect primarily the appreciation of the the Brazilian real, the Colombian peso, the Chilean peso, and the euro.

2025 foreign currency translation adjustment amounts arising during the three months ended March 31, 2025 reflect primarily the appreciation of the euro, the Mexican peso and the Brazilian real.

(b) Foreign currency translation adjustment amounts arising during the three months ended June 30, 2026 reflect primarily the appreciation of the Mexican peso and the Colombian peso, partially offset by the devaluation of the euro.

Foreign currency translation adjustment amounts arising during the six months ended June 30, 2026 reflect primarily the appreciation of the Brazilian real, the Mexican peso, and the Colombian peso, partially offset by the devaluation of the euro.

Foreign currency translation adjustment amounts arising during the three and six months ended June 30, 2025 reflect primarily the appreciation of the euro, the Mexican peso, the Brazilian real, the Malaysian ringgit and the Romanian leu.

(c) Unrealized gains and losses on available-for-sale debt securities are initially recognized in accumulated other comprehensive income (loss).

1 unchanged sentence

Pretax amounts are classified in the condensed consolidated statements of operations as interest and other income (expense).

(d) Pretax gains and losses on cash flow hedges are classified in the condensed consolidated statements of operations as in terest expense ( $ 1.1 million reduction to expense in the three months ended March 31, 2026 and $ 2.5 million reduction to expense in the three months ended March 31, 2025).

(d) Pretax gains and losses on cash flow hedges are classified in the condensed consolidated statements of operations as in terest expense ( $ 1.0 million reduction to expense in the three months ended June 30, 2026 and $ 2.1 million reduction to expense in the three months ended June 30, 2025;

as well as $ 2.1 million reduction to expense in the six months ended June 30, 2026 and $ 4.6 million reduction to expense in the six months ended June 30, 2025).

The changes in accumulated other comprehensive loss attributable to Brink’s are as follows:

6 unchanged sentences

3.9 3.8 1.0 ( 0.7 ) 8.0

Balance as of March 31, 2026 $ ( 265.2 ) ( 408.0 ) 0.2 8.8 ( 664.2 )

Balance as of June 30, 2026 $ ( 263.1 ) ( 403.0 ) 0.1 8.4 ( 657.6 )

Note 7 - Fair value of financial instruments

4 unchanged sentences

The fair value and carrying value of our material fixed-rate debt, excluding any unamortized debt issuance costs, are as follows:

(In millions)

March 31, 2026 December 31, 2025

(In millions) June 30, 2026 December 31, 2025

2027 Senior Unsecured Notes

17 unchanged sentences

We have outstanding foreign currency forward and swap contracts to hedge transactional risks associated with foreign currencies.

At March 31, 2026, the notional value of our outstanding foreign currency forward and swap contracts was $ 653 million, with average maturities of approximately one month .

At June 30, 2026, the notional value of our outstanding foreign currency forward and swap contracts was $ 664 million, with average maturities of approximately one month .

These foreign currency forward and swap contracts primarily offset exposures in the euro, the British pound, and the Mexican peso and are not designated as hedges for accounting purposes.

3 unchanged sentences

The fair value of these contracts were recognized in the condensed consolidated balance sheet as follows:

(In millions)

March 31, 2026 December 31, 2025

(In millions) June 30, 2026 December 31, 2025

Prepaid expenses and other

1 unchanged sentence

( 3.0 ) ( 5.3 )

$ 6.3 ( 1.1 )

Net asset (liability) $ 4.9 ( 1.1 )

Amounts under these contracts were recognized in other operating income (expense) as follows:

Ended March 31,

Ended June 30, Six Months

Ended June 30,

(in millions) 2026 2025 2026 2025

1 unchanged sentence

$ 5.7 ( 22.6 ) $ 16.1 ( 35.2 )

(a) Derivative instrument gains in the three months ended March 31, 2026, and derivative instrument losses in the three months ended March 31, 2025, were primarily driven by the impact of hedging currency exposures on intercompany loans denominated in the euro, the British pound, and the Mexican peso.

(a) Derivative instrument gains in the three months and six months ended June 30, 2026, were primarily driven by the impact of hedging currency exposures on intercompany loans denominated in the euro, the British pound, and the Mexican peso.

Derivative instrument losses in the three month and six month ended June 30, 2025, were primarily driven by the impact of hedging currency exposures on intercompany loans denominated in the euro and the British pound.

Net Investment Hedges

3 unchanged sentences

We have elected to exclude the spot-forward difference from the assessment of hedge effectiveness and are amortizing this amount separately on a straight-line basis over the term of the cross currency swaps.

In 2023, we entered into a zero cost foreign exchange collar contract with a $ 215 million notional amount and a May 2026 expiration date.

We sold a put option with a lower strike price and bought a call option with a higher strike price to manage the foreign exchange risk related to the final settlement of the $ 215 million notional cross currency swaps.

Upon the execution of the zero cost foreign exchange collar contract, we de-designated the existing $ 215 million notional cross currency swaps and re-designated the combined $ 215 million notional cross currency swaps and zero cost collar into a new hedging instrument.

At re-designation, the existing $ 215 million notional cross currency swaps had a non-zero fair value representing an off-market component of the participating cross currency swaps.

The off-market value is being ratably amortized into earnings through May 2026.

The combined cross currency swaps and zero cost collar has been designated as a net investment hedge for accounting purposes.

In the second quarter of 2026, we terminated a zero-cost foreign exchange collar contract with $ 215 million notional amount and restructured $ 215 million notional euro cross-currency swaps, extending their maturity from May, 2026 to April, 2027.

Upon execution, we de-designated the then-existing swaps and re-designated the new swaps as a net investment hedge.

The swaps had a non-zero fair value at re-designation, representing an off-market component that is being amortized into earnings through April, 2027.

The fair value of these contracts were recognized in the condensed consolidated balance sheet as follows:

(In millions)

March 31, 2026 December 31, 2025

(In millions) June 30, 2026 December 31, 2025

Euro net investment hedge (a)

6 unchanged sentences

Prepaid expenses and other $ — 0.2

Other noncurrent asset

Other currency net investment hedges (b)

4 unchanged sentences

Net asset (liability) $ ( 54.8 ) ( 61.3 )

(a) At March 31, 2026, swaps with a total notional value of $ 215 million will terminate in May 2026 and have a weighted average maturity of 0.1 years.

(a) At June 30, 2026, swaps with a total notional value of $ 215 million will terminate in April 2027 and have a weighted average maturity of 0.8 years.

Swaps with a total notional value of $ 185 million will terminate in April 2031 and have a weighted average maturity of 4.3 years.

(b) At March 31, 2026, the total notional value was $ 145 million with a weighted average maturity of 1.0 years.

(b) At June 30, 2026, the total notional value was $ 145 million with a weighted average maturity of 1.0 years.

These contracts hedge portions of our net investments in subsidiaries with functional currencies of Hong Kong dollar;

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The effect of the amortization of the spot-forward difference on the net investment hedges cross currency swaps and foreign exchange forward swap contract is included as a benefit in interest expense as follows:

Ended March 31,

Ended June 30, Six Months

Ended June 30,

(In millions) 2026 2025 2026 2025

1 unchanged sentence

$ ( 1.3 ) ( 1.2 ) $ ( 2.8 ) ( 2.4 )

Cash flows related to the amortization of the off-market component of net investment hedges are reported in investing activities.

Cash flows from the termination and final settlement of net investment hedges are reported in investing activities.

All other cash flows from net investment hedges are reported in operating activities.

Cash flows related to the amortization of the off-market component of net investment hedges, as well as cash flows from the termination and final settlement of such hedges, are generally classified as investing activities.

Due to the presence of a more-than-insignificant financing element at the restructuring date, all cash flows related to the restructured $ 215 million notional euro cross-currency swaps, including periodic interest receipts and payments and any settlement at maturity, are classified as financing activities.

Other cash flows associated with net investment hedges are classified as operating activities.

Interest Rate Swaps - Cash Flow Hedges

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Accordingly, changes in the fair value of these cash flow hedges are initially recorded in the gains (losses) on cash flow hedges component of accumulated other comprehensive income (loss).

reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings.

We reclassify amounts from accumulated other comprehensive income (loss) into earnings in the same periods that the hedged debt affects earnings.

In the first and third quarters of 2025, we entered into interest rate swaps totaling $ 150 million in notional value, all maturing in June 2027.

The fair values of our interest rate swaps were recognized in the condensed consolidated balance sheet as follows:

(In millions)

March 31, 2026 December 31, 2025

(In millions) June 30, 2026 December 31, 2025

$100 million notional - June 2027 maturity (a)

Prepaid expenses and other $ 0.2 —

Accrued liabilities

$ ( 0.1 ) ( 0.3 )

Other noncurrent liabilities

4 unchanged sentences

Net asset (liability) $ 0.4 ( 0.8 )

(a) At March 31, 2026, swaps with a total notional value of $ 150 million will terminate in June 2027 and have a weighted average maturity of 0.7 years.

(a) At June 30, 2026, swaps with a total notional value of $ 150 million will terminate in June 2027 and have a weighted average maturity of 0.5 years.

Amounts under our interest rate swap contracts were recognized in interest expense as follows:

Ended March 31,

Ended June 30, Six Months

Ended June 30,

(In millions) 2026 2025 2026 2025

6 unchanged sentences

We used a probability-weighted approach to estimate the fair value of the contingent consideration.

The fair value of the contingent consideration is the full $ 24 million that remains potentially payable as of March 31, 2026, as we believe it is unlikely that the contingent consideration payments will be reduced.

As of June 30, 2026, we reported the full $ 24 million payable for the contingent consideration because, as of that date, we believed it unlikely that payments would be reduced.

See also Note 14 for more details about Malaysia operations.

Other Financial Instruments

1 unchanged sentence

The financial statement carrying amounts of these items approximate the fair value.

There were no transfers in or out of any of the levels of the valuation hierarchy in the first three months of 2026.

There were no transfers in or out of any of the levels of the valuation hierarchy in the first six months of 2026.

Note 8 - Debt

March 31, December 31,

June 30, December 31,

(In millions) 2026 2025

15 unchanged sentences

Total debt $ 4,242.3 4,214.3

(a) Amounts outstanding are net of unamortized debt costs of $ 6.9 million as of March 31, 2026 and $ 1.7 million as of December 31, 2025.

(b) Amounts outstanding are net of unamortized debt costs of $ 8.9 million as of March 31, 2026 and $ 9.6 million as of December 31, 2025.

(c) Includes Other Revolving Credit Facilities of $ 477 million at March 31, 2026 and $ 557 million at December 31, 2025.

(a) Amounts outstanding are net of unamortized debt costs of $ 6.5 million as of June 30, 2026 and $ 1.7 million as of December 31, 2025.

(b) Amounts outstanding are net of unamortized debt costs of $ 8.3 million as of June 30, 2026 and $ 9.6 million as of December 31, 2025.

Long-Term Debt

9 unchanged sentences

The Revolving Credit Facility allows us to borrow money or issue letters of credit (or otherwise satisfy credit needs) on a revolving basis over the term of the facility.

As of March 31, 2026, $ 540 million was available under the Revolving Credit Facility.

As of June 30, 2026, $ 500 million was available under the Revolving Credit Facility.

The obligations under the Senior Secured Credit Facility are secured by a first-priority lien on all or substantially all of the assets of the Company and certain of its domestic subsidiaries, including a first-priority lien on equity interests of certain of the Company’s direct and indirect subsidiaries.

1 unchanged sentence

The margin on both SOFR and alternate base rate borrowings under the Senior Secured Credit Facility is based on the Company’s total net debt leverage ratio.

The margin on SOFR borrowings, which can range from 1.25 % to 1.75 %, was 1.50 % at March 31, 2026.

The margin on alternate base rate borrowings, which can range from 0.25 % to 0.75 %, was 0.50 % as of March 31, 2026.

The margin on SOFR borrowings, which can range from 1.25 % to 1.75 %, was 1.50 % at June 30, 2026.

The margin on alternate base rate borrowings, which can range from 0.25 % to 0.75 %, was 0.50 % as of June 30, 2026.

We also pay an annual commitment fee on the unused portion of the Revolving Credit Facility based on the Company’s total net leverage ratio.

The commitment fee, which can range from 0.15 % to 0.28 %, was 0.23 % as of March 31, 2026.

The commitment fee, which can range from 0.15 % to 0.28 %, was 0.23 % as of June 30, 2026.

Senior Unsecured Notes

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Other facilities consists primarily of revolving credit facilities in our North America, Latin America and Europe segments ("Other Revolving Credit Facilities").

On an aggregate basis, borrowings under these facilities total $ 668 million with an additional $ 182 million available as of March 31, 2026, including $ 191 million in Short-term borrowings and $ 477 million in Other long-term debt.

Maturity dates of the long-term facilities range from July 2027 to June 2028 and interest rates range from 4.80 % to 5.00 %.

On an aggregate basis, borrowings under these facilities total $ 716 million with an additional $ 415 million available as of June 30, 2026, including $ 214 million in Short-term borrowings and $ 502 million in Other long-term debt.

Maturity dates of the long-term facilities range from January 2028 to June 2029 and interest rates range from 4.60 % to 5.00 %.

Borrowings under these facilities are secured by cash and certain receivables held by Brink's.

In July 2024, we increased the capacity of the largest of these credit facilities from $ 250 million to $ 500 million.

In June 2026, we increased the capacity of the largest of these credit facilities from $ 500 million to $ 750 million.

The Senior Secured Credit Facility, Senior Unsecured Notes, Other Revolving Credit Facilities, and other debt facilities contain various financial and other covenants.

2 unchanged sentences

An acceleration of the repayment terms under one agreement could trigger the acceleration of the repayment terms under the other financing agreements.

We were in compliance with all of these covenants at March 31, 2026.

We were in compliance with all of these covenants at June 30, 2026.

Note 9 - Credit losses

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We also monitor any significant economic events to identify any current or expected trends and risks within a pool that could impact the collectability of outstanding accounts receivables balances that were not contemplated or relevant during a previous period.

The following table is a rollforward of the allowance for doubtful accounts for the three month period ended March 31, 2026.

The following table is a rollforward of the allowance for doubtful accounts for the six month period ended June 30, 2026.

Allowance for doubtful accounts:

4 unchanged sentences

Foreign currency exchange effects ( 0.2 )

March 31, 2026 $ 20.3

June 30, 2026 $ 20.3

Note 10 - Share-based compensation plans

8 unchanged sentences

Share-based awards were previously granted to directors and remain outstanding under the Non-Employee Directors' Equity Plan and the Directors’ Stock Accumulation Plan, each of which has expired.

Outstanding awards at March 31, 2026 include performance stock units, restricted stock units, deferred stock units, time-based stock options and certain awards that will be settled in cash.

Outstanding awards at June 30, 2026 include performance stock units, restricted stock units, deferred stock units, and certain awards that will be settled in cash.

Compensation Expense

Compensation expense is measured using the fair-value-based method.

For all share-based awards outstanding at March 31, 2026, the retirement eligibility provisions require a minimum of a one year service period in order to meet the retirement-eligible conditions.

For all share-based awards outstanding at June 30, 2026, the retirement eligibility provisions require a minimum of a one year service period in order to meet the retirement-eligible conditions.

We recognize expense from the grant date to the earlier of the retirement-eligible date (provided it is not less than one year from the grant date) or the vesting date.

2 unchanged sentences

Compensation expenses for the share-based awards were as follows:

Compensation Expense

Three Months Ended March 31,

Compensation Expense Compensation Expense

Three Months Ended June 30, Six Months Ended June 30,

(In millions)

2026 2025 2026 2025

Performance stock units

$ 4.6 4.7 $ 8.6 7.7

Restricted stock units 2.9 3.1 5.6 5.4

9 unchanged sentences

Options granted to employees have a maximum term of six years .

The following table summarizes time-based stock option activity during the first three months of 2026:

The following table summarizes time-based stock option activity during the first six months of 2026:

(in thousands)

2 unchanged sentences

Exercised ( 2.8 ) 19.75

Outstanding balance as of March 31, 2026

Outstanding balance as of June 30, 2026

Restricted Stock Units (“RSUs”)

3 unchanged sentences

We measure the fair value of RSUs based on the price of Brink’s stock at the grant date, adjusted for a discount for dividends not received or accrued during the vesting period.

The following table summarizes RSU activity during the first three months of 2026:

The following table summarizes RSU activity during the first six months of 2026:

(in thousands)

5 unchanged sentences

Vested ( 109.2 ) 77.64

Nonvested balance as of March 31, 2026

Nonvested balance as of June 30, 2026

253.8 $ 104.43

11 unchanged sentences

Shares are not paid out if the financial results do not meet a pre-established threshold level of performance.

The following table summarizes all PSU activity during the first three months of 2026:

The following table summarizes all PSU activity during the first six months of 2026:

(in thousands)

6 unchanged sentences

( 167.8 ) 69.24

Nonvested balance as of March 31, 2026

Nonvested balance as of June 30, 2026

668.6 $ 100.36

6 unchanged sentences

DSUs granted prior to 2015, in general, will be paid out in shares of stock following separation from service.

The following table summarizes all DSU activity during the first three months of 2026:

The following table summarizes all DSU activity during the first six months of 2026:

(in thousands)

1 unchanged sentence

Nonvested balance as of December 31, 2025

Nonvested balance as of March 31, 2026

Granted 12.6 107.71

Vested ( 14.8 ) 92.19

Nonvested balance as of June 30, 2026

12.6 $ 107.71

Note 11 - Capital Stock

At March 31, 2026, we had 100 million shares of common stock authorized and 41.2 million shares issued and outstanding.

At June 30, 2026, we had 100 million shares of common stock authorized and 41.2 million shares issued and outstanding.

We paid regular quarterly dividends on our common stock during the last two years.

On January 15, 2026, the Board declared a regular quarterly dividend of $ 0.2550 per share payable on March 2, 2026, to shareholders of record on February 2, 2026.

On April 29, 2026, the Board declared a regular quarterly dividend of $ 0.2550 per share payable on June 1, 2026, to shareholders of record on May 18, 2026.

The payment of future dividends is at the discretion of the Board of Directors and is dependent on our future earnings, financial condition, shareholder equity levels, cash flow, business requirements and other factors.

Preferred Stock

At March 31, 2026, we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $ 10 per share, and no shares were issued and outstanding.

At June 30, 2026, we had the authority to issue up to 2.0 million shares of preferred stock with a par value of $ 10 per share, and no shares were issued and outstanding.

Share Repurchase Program

7 unchanged sentences

The 2023 Repurchase Program expired on December 31, 2025, with approximately $ 87 million remaining available.

During the three months ended March 31, 2026, we repurchased a total of 241,321 shares of our common stock for an aggregate amount of $ 30.2 million and an average price of $ 125.12 per share under the 2025 Repurchase Program.

During the six months ended June 30, 2026, we repurchased a total of 241,321 shares of our common stock for an aggregate amount of $ 30.2 million and an average price of $ 125.12 per share under the 2025 Repurchase Program.

These shares were retired upon repurchase.

At March 31, 2026, $ 720 million remained available under the 2025 Repurchase Program.

At June 30, 2026, $ 720 million remained available under the 2025 Repurchase Program.

Shares Used to Calculate Earnings per Share

Ended March 31,

Ended June 30, Six Months

Ended June 30,

(In millions) 2026 2025 2026 2025

Weighted-average shares:

41.4 42.3 41.3 42.7

Effect of dilutive stock awards and options 0.1 0.1 0.2 0.3

6 unchanged sentences

Additionally, nonvested units containing only a service requirement are also included in the computation of basic weighted-average shares when the requisite service period has been completed.

Accordingly, basic shares include weighted-average units of 0.1 million in the three months ended March 31, 2026, and 0.2 million in the three months ended March 31, 2025.

Accordingly, basic shares include weighted-average units of 0.1 million in the three months and 0.1 million in the six months ended June 30, 2026, and 0.2 million in the three months and 0.2 million in the six months ended June 30, 2025.

Note 12 - Supplemental cash flow information

Ended March 31,

Ended June 30,

(In millions) 2026 2025

4 unchanged sentences

We have historically used available Argentine pesos to purchase equity and available-for-sale debt securities.

There were no cash outflows through the first three months of 2026.

There were no cash outflows through the first six months of 2026.

Cash inflows for the sale of these financial instruments totaled $ 4.5 million.

There were no cash outflows for purchases of these financial instruments through the first three months of 2025.

Cash inflows for the sale of these financial instruments totaled $ 0.8 million during the first three months of 2025.

Cash outflows for the purchase of these financial instruments totaled $ 67.9 million through the first six months of 2025.

Cash inflows for the sale of these financial instruments totaled $ 38.5 million during the first six months of 2025.

At the time of any future sale of these financial instruments, proceeds received will be solely in Argentine pesos.

1 unchanged sentence

Non-cash Investing and Financing Activities

We acquired $ 21.7 million in armored vehicles, DRS devices and other equipment under financing lease arrangements in the first three months of 2026 compared to $ 13.9 million in armored vehicles, DRS devices and other equipment acquired under financing lease arrangements in the first three months of 2025.

We acquired $ 42.9 million in armored vehicles, DRS devices and other equipment under financing lease arrangements in the first six months of 2026 compared to $ 32.5 million in armored vehicles, DRS devices and other equipment acquired under financing lease arrangements in the first six months of 2025.

Loans Held for Investment

7 unchanged sentences

In Malaysia, we offer ATM replenishment services to certain of our financial institution customers.

Providing this service requires our Malaysia subsidiary to take temporary title to the cash received in advance of ATM replenishment.

Providing this service requires our Malaysia operations to take temporary title to the cash received in advance of ATM replenishment.

The cash for which we have temporary title is restricted and cannot be used for any other purpose other than to service our customers who participate in this service offering.

In accordance with a revolving credit facility, we are required to maintain a restricted cash reserve of $ 70.7 million ($ 45.7 million at December 31, 2025) and, due to this contractual restriction, we have classified these amounts as restricted cash.

At March 31, 2026, we held $ 548.2 million of restricted cash ($ 290.9 million represented restricted cash held for customers and $ 199.9 million represented accrued liabilities).

At June 30, 2026, we held $ 489.7 million of restricted cash ($ 220.0 million represented restricted cash held for customers and $ 196.8 million represented accrued liabilities).

At December 31, 2025, we held $ 541.0 million of restricted cash ($ 294.2 million represented restricted cash held for customers and $ 199.3 million represented accrued liabilities).

1 unchanged sentence

In certain leasing transactions, we acquire assets through capital expenditures that are then sold to lessors in which the cash received is classified as borrowings from financing activities rather than proceeds from investing activities.

Cash inflows related to these transactions totaled $ 3.2 million in the first three months of 2026 compared to $ 8.1 million in the first three months of 2025 and are included in Other long-term debt borrowings within financing activities in the condensed consolidated statements of cash flows.

Cash inflows related to these transactions totaled $ 5.6 million in the first six months of 2026 compared to $ 12.0 million in the first six months of 2025 and are included in Other long-term debt borrowings within financing activities in the condensed consolidated statements of cash flows.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.

March 31, December 31,

June 30, December 31,

(In millions) 2026 2025

13 unchanged sentences

Except as otherwise noted, we do not believe that it is reasonably possible the ultimate disposition of any of the legal matters currently pending against the Company could have a material adverse effect on our liquidity, financial position or results of operations.

Note 14 - Subsequent Event

Malaysia Business

Subsequent to June 30, 2026, following a reassessment of our Malaysia business, we determined that the results of the Malaysia business would no longer be reflected on a consolidated basis in our consolidated financial statements beginning in the period in which the applicable criteria were met.

We will account for our retained investment under a method other than consolidation on a prospective basis.

In the first six months of 2026, the Malaysia business reported revenues of approximately $ 51 million .

THE BRINK’S COMPANY

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements